| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 76 | 10.2x | 17.8x | Top tier | |
Growth | 36 | 5.6% | 7.1% | Bottom tier | |
Quality | 90 | — | — | Top tier | |
Safety | 8 | — | — | Bottom tier | |
Capital Return | 62 | 4.10% | 2.12% | Around median | |
Momentum | 97 | 43.1% | 2.9% | Top tier | |
Sentiment | 74 | 3 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
ING Groep N.V., listed on the NYSE under the ticker ING, operates as a banking group combining retail banking, business banking, private banking, and Wholesale Banking. It generates income primarily from net interest income on loans and deposits and from fees related to investments, payments, and banking services; in quarter 2 of fiscal year 2026, commercial net interest income rose 10.7% year over year, while fee income increased 14%.
In quarter 2 of fiscal year 2026, revenue reached €6.28 billion, representing year-over-year growth of 10.2%, and earnings per share were €0.68. Return on tangible equity reached 17%, and risk costs were €279 million, or 15 basis points of average customer lending, compared with a through-the-cycle average of 20 basis points, while expenses excluding regulatory costs and incidental items rose 4.2% year over year.
The business mix reflected broad-based growth in quarter 2 of fiscal year 2026: core net lending increased by €15.2 billion, including €12.1 billion in retail banking and €3 billion in Wholesale Banking, while core net deposits rose by €15.9 billion, supported by a €16.7 billion contribution from the retail segment. For fiscal year 2025, ING recorded revenue of $25.7 billion, net income of $8.3 billion, and earnings per share of $2.78, compared with $21.1 billion, $5.3 billion, and $1.65, respectively, in fiscal year 2024.
The consensus rating is Buy, but the average price target, highest target, and lowest target are identical at $22.50, meaning there is no actual range illustrating differences in analyst views. This target is below the 52-week range of $23.63–36.24, while the downgrade published on August 1, 2026 showed that earnings strength and the raised outlook do not eliminate concerns about European bank valuations. A price-to-earnings ratio is not available in the data, so ING's valuation here is based on the contradiction between the positive consensus and the low target, as well as the negative downgrade signal.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
Revenue in quarter 2 of fiscal year 2026 reached approximately €6.28 billion, up 10.2% year over year, and earnings per share were €0.68. Commercial net interest income grew 10.7% due to higher loan and deposit volumes, disciplined pricing, and the impact of deposit hedging. Fee income also rose 14%, while containing cost growth since the start of the fiscal year at 2.7% supported a return on tangible equity of 17%.
ING expects total income to exceed €24.5 billion in fiscal year 2026 and €26 billion in fiscal year 2027. It raised its return on tangible equity outlook to more than 15% in fiscal year 2026 and more than 16% in fiscal year 2027. It also expects fees of €5 billion in fiscal year 2026 and a range of €5.3 to €5.5 billion in fiscal year 2027.
ING launched the Agentic mortgages product in the Netherlands to process more complex mortgages with the same number of employees. The system reduced the time to approval from seven days to five days for these cases, while some simpler digital mortgage processes in Germany can reach approval within 30 minutes. Management also announced on July 30, 2026 that it would begin rolling out conversational banking with Agentic AI capabilities within the mobile app.
Automated analysis for informational purposes only — not investment advice.
Core net lending increased by €15.2 billion in quarter 2 of fiscal year 2026, and core net deposits rose by €15.9 billion. Germany alone contributed deposit growth of €7.8 billion, but some inflows came from targeted campaigns, and management estimates that one-third of the new funds generated by campaigns may leave after they end. Management believes growth will remain elevated in the short term before lending and deposit growth approaches 5% over the longer term.
Fee income rose 14% year over year in quarter 2 of fiscal year 2026, with retail fees growing 16% and Wholesale Banking fees increasing 11%. The number of customers with an investment account increased 8%, and net inflows into assets under management reached €21 billion during the twelve-month period. On July 30, 2026, approximately 5.3 million customers were investing through ING out of a customer base of 41 million, while assets under management reached €322 billion after growing 27%.
The CET1 ratio reached 13.1% in quarter 2 of fiscal year 2026 after generating 65 basis points of capital. The stated priority is to fund profitable growth, followed by bolt-on transactions that meet strict criteria, and then return structural excess capital above a CET1 ratio of 13% to shareholders. The ordinary dividend policy remains a payout of 50% of net profit, while the share buyback program announced in April 2026 was expected to be completed in October 2026.
